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Note C - Inventories | 3 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Inventory Disclosure [Text Block] | NOTE C — INVENTORIES Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. A summary of inventory values by product group follows:
|  | June 30, 2021 |  |  | March 31, 2021 |
Prime Coil Inventory |  | $ | 57,557,963 |  |  | $ | 23,079,012 |
Non-Standard Coil Inventory |  |  | 761,446 |  |  |  | 1,419,055 |
Tubular Raw Material |  |  | 1,330,781 |  |  |  | 2,607,197 |
Tubular Finished Goods |  |  | 7,525,843 |  |  |  | 8,910,829 |
|  | $ | 67,176,033 |  |  | $ | 36,016,093 |
Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe the Company has purchased from U.S. Steel Tubular Products, Inc.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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